Adedapo Adesanya
By Adedapo Adesanya
The Nigerian Naira fell to an all-time low in the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday amid fresh FX scarcity.
Business Post reports that the Naira weakened by N44.35 or 5.96 per cent against the greenback at the currency market yesterday to N788.42/$1 compared with the preceding session’s value of N744.07/$1.
It was observed that the supply end of the curve could not match the demand side during the session, leading to the poor performance of the local currency.
The value of forex trades on Tuesday was $68.10 million, 30.3 per cent or $29.59 million lower than the $97.69 million recorded a day earlier.
In the Peer-2-Peer (P2P) window, the Naira lost N6.40 against the US Dollar to sell at N801.80/$1 versus N795.40/$1 and at the parallel market, it depreciated by N7 to quote at N802/$1, in contrast to Monday’s rate of N795/$1.
However, the domestic currency appreciated against the Pound Sterling at the official market by N42.83 on Tuesday to N957.81/£1 from N1,000.14/£1 and gained N41.62 against the Euro to finish at N820.34/€1 versus N861.96/€1.
The cryptocurrency market was in the red yesterday after several Federal Reserve officials signalled the US Federal Reserve was near the end of its tightening cycle.
Bitcoin (BTC) slid by 0.6 per cent to sell at $30,523.63, Ethereum (ETH) went down by 1.1 per cent to $1,872.59, Litecoin (LTC) depreciated by 1.3 per cent to trade at $95.93, Dogecoin (DOGE) recorded a 1.3 per cent depreciation to settle at $0.0649, and Ripple (XRP) recorded a 0.6 per cent fall to trade at $0.4752.
But Solana (SOL) improved its value by 1.9 per cent to sell at $95.93, Binance Coin (BNB) chalked up 0.8 per cent to trade at $247.42, and Cardano (ADA) added 0.2 per cent to its value to finish at $0.2908, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained flat at $1.00 each.
